ENDEAVOR BK - EDVR STOCK NEWS

Endeavor Bancorp (OTC Pink: EDVR) announced the successful issuance of $15,000,000 in subordinated debt through an institutional private placement, facilitated by Performance Trust Capital Partners, LLC. The funds will be retained for operational expenses and are intended for general corporate purposes once Endeavor Bancorp becomes the bank holding company for Endeavor Bank. The fixed interest rate is set at 5.00% until March 15, 2027, after which it will float based on the Three-Month Term SOFR. CEO Dan Yates noted the positive implications for capital and lending limits.

Rebecca Humphries, senior vice president at Endeavor Bank, has been elected chair of the California Southern Small Business Development Corporation for a two-year term. This organization aims to provide financial support to small businesses that might struggle to secure conventional loans. With a focus on assisting minority and women-owned businesses, the corporation emphasizes reducing financial risk through loan guarantees. Under Humphries' leadership, the goal is to expand access to capital and support economic growth in California.

Endeavor Bank reported record earnings of $5.024 million for FY 2021, up from $1.416 million in FY 2020. This increase is attributed to core loan growth of $114 million (69%) and deposit growth of $93 million (38%). The net interest margin improved to 3.65% from 3.31%. However, as PPP fees decline, net earnings may drop in FY 2022. The formation of Endeavor Bancorp is pending regulatory approval, which would result in shareholders receiving shares on a one-for-one basis.

Endeavor Bank reported third-quarter results with total assets at $440 million, down $24 million from $464 million in Q2 2021. Total loans fell to $347 million due to $52 million in PPP loan forgiveness, despite core loan growth of $34 million. Total deposits rose by $31 million to $300 million. The bank's pretax net income was $2.1 million, a $123 thousand decrease from Q2, mainly due to increased provisions for loan losses. Core loan growth exceeded 86% year-over-year, attributed to strong local business support.

Endeavor Bank reported Q2 2021 net income of $1.741 million, a significant increase from $294 thousand in Q1 2021, driven by higher PPP-related income and growth in non-PPP loans. Total assets fell by 9% to $463.9 million, with total deposits declining by 3% to $269 million. Total loans decreased by 6% to $364 million. Despite these declines, non-PPP loans rose by $21 million, and the bank maintained favorable asset quality with no delinquencies. The CEO expressed optimism about future profitability, supported by expected recognition of $4.4 million in additional PPP fee income.

On May 26, 2021, Endeavor Bank's board approved significant amendments to its Bylaws following the 2021 annual meeting. Shareholders must provide advance notice of proposals 90 to 120 days prior to the meeting. Director nominations require notice 30 to 60 days ahead, with detailed information on nominees necessary. New residency and ownership criteria for directors have been established. Additionally, the California State Superior Court in San Diego is designated as the exclusive forum for certain legal actions against the Bank. Shareholders can request detailed amendments.

Endeavor Bank reported strong growth for Q1 2021, with total assets rising to $511.6 million, up 31% from Q4 2020. Total loans grew by 37% to $386.1 million, and total deposits increased by 13% to $277.7 million. The bank originated over 650 Paycheck Protection Program (PPP) loans totaling $115 million, contributing to a total PPP loan balance of $200 million. However, Q1 net income fell to $294,000, down from $1.15 million in the previous quarter, partly due to stock option expenses.

As of December 31, 2020, Endeavor Bank (OTC Pink: EDVR) reported total assets of $390 million, a 211% increase from $265 million in 2019. Total deposits rose 145% to $246 million, while total loans increased by 179% to $282 million. The bank originated over 850 PPP loans totaling $175 million, with $118 million in balances at year-end, contributing significantly to revenue and profitability. Net income reached $1.4 million after a loss of $3.3 million in 2019. The bank's total equity increased 53% to $26.8 million, aided by a secondary capital offering.